Bitcoin's DeFi Ecosystem Continues To Grow: Pyth Networks Integrates with Stacks
The integration of Pyth Network's low-latency oracles with Stacks promises developers a treasure trove of 300+ price feeds.
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Pyth Network announced its integration with Stacks, providing developers with low-latency oracles, according to an August 23 announcement.
We’re delighted to reveal the Developers Release of the Pyth oracle on @Stacks
Thanks to the contribution of @hirosystems, Stacks developers can build smart contracts with access to Pyth’s 300+ price feeds for equities, ETFs, commodities, FX and digital assets
Learn more below: pic.twitter.com/F0BuTHd2bL
— Pyth Network 🔮 (@PythNetwork) August 23, 2023
Pyth Network, renowned for its finance-based pull oracle design, allows users to pull price data updates on-demand for a better optimized blockchain environment. Traditional oracles operate on a “push” mechanism, delivering data at set intervals, but through Pyth, “users are empowered to ‘pull’ price updates on-chain when needed, enabling everyone in that blockchain environment to access that data point.”
Stacks, acting as an important Bitcoin layer, allows the connection of decentralized apps and smart contracts with Bitcoin. Leveraging Bitcoin both as a transactional asset, it allows customers to use BTC to finalize transactions.
Developed by Hiro, a Bitcoin layer development company, this integration ensures that Stacks developers have a seamless avenue to over 300 price feeds, spanning equities, commodities, forex pairs, ETFs, digital assets and more.
Central to this collaboration is the enhanced data access for developers. With the integration, developers working on the Stacks platform can tap into Pyth Network’s real-time price data, extracting information from a comprehensive range of over 300 price feeds:
“This early access launch is intended for developers to test, explore, and begin integrating their decentralized applications with real-time price data.”
Leading platforms in this space, including ALEX, Arkadiko, Hermetica, and Zest, are already capitalizing on the integration, harnessing the power of Pyth’s oracles to empower their financial services. The infusion of reliable, real-time data is set to enhance the functionality, security, and user trust in these platforms.
As Stacks continues to carve its niche as an enabler of smart contracts and decentralized applications on Bitcoin, the integration with Pyth Network augments its ecosystem, providing developers with tools to craft more intricate and sophisticated applications.
Heralding the new collaboration, Marc Tillement, director of the Pyth Data Association, remarked on their dedication to provide developers with crucial tools. Similarly, Hiro’s CEO, Alex Miller, acknowledged the importance of this integration to the Bitcoin DeFi ecosystem:
“Bitcoin DeFi is thriving and Hiro is proud to be a part of bringing Pyth to the Stacks ecosystem to help provide developers with the building blocks they need like a powerful oracle.”